Cytomedix Licenses Technology Patent to Smith & Nephew
Tuesday October 16, 2:00 pm ET
ROCKVILLE, Md., Oct. 16, 2007 (PRIME NEWSWIRE) -- Cytomedix, Inc. (AMEX:GTF - News) today announced that it has entered into a licensing agreement with Smith & Nephew, Inc., a global medical technology business, specializing in Orthopedic Trauma & Clinical Therapies, Orthopedic Reconstruction, Endoscopy and Advanced Wound Management products.
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Under the agreement Cytomedix has granted to Smith & Nephew a non-exclusive license under its key ``Knighton'' patent (U.S. Patent No. 5,165,938) for all applications of its autologous platelet releasate therapy except for use in the chronic wound market.
``We are very pleased to license our proprietary technology to an esteemed company such as Smith & Nephew for its own platelet gel products, while at the same time excluding rights to the chronic wound market, where Cytomedix is the only company with a Food and Drug Administration (FDA) cleared platelet gel therapy product with an indication for use on chronic wounds,'' said Dr. Kshitij Mohan, Ph.D., Cytomedix's Chairman and Chief Executive Officer. ``This agreement will provide us with additional cash and another expected royalty stream. As a result of our recently announced agreement with our patent counsel, we will not be required to pay any contingent legal fees from the proceeds received from Smith & Nephew as a result of this agreement. These agreements come at an opportune time as the Company prepares to launch its new AutoloGel(tm) System that was just cleared by the Food and Drug Administration.''
Cytomedix recently announced that it had obtained clearance from the FDA to market its AutoloGel System for use on a wide variety of wounds, including diabetic ulcers, leg ulcers and pressure ulcers. The Company has also recently announced progress in its efforts to obtain national Medicare coverage for platelet gel therapy.
